Crude Oil Presses Lower

Crude Oil: Despite Putin's comments below that hit the wires about 15 minutes ago, Nov. Crude Oil has pressed lower to test and marginally violate yest's pullback low at 84.87. This AM's low is 84.71 so far, but there has been no downside follow-through toward filling the up-gap left behind on Sunday eve's re-open (83.00 to 84.60). 

At this juncture, the pattern off of Sun eve's high at 87.12 favors a press into the gap area prior to my expectation of renewed strength and another upleg to projects to 90-92 next. That said, however, the ability of Nov Oil to hold support in and around 84.80-85.00 for the next hour increasingly will argue for the start of the next upleg sooner than later... Last is 85.00...

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